ISA’s can often be confusing. How much can you pay in and what happens when you withdraw funds? Our new ‘Remaining ISA allowance’ feature will help you understand how much you can transfer into your ISA before you hit your limit for the tax year.
As an example, the limit for 2016/17 is £15,240;
- You have already paid in £11,240
- Your remaining allowance is £4,000
- You then make a withdrawal of £240
- Your balance is then £11,000
- Your remaining allowance is still £4,000
- Therefore your overall possible saving by the end of the tax year is £15,000
If you withdraw from your ISA it can get confusing as to how much you are allowed to transfer in. Our new feature is designed to help you understand ISA limits better.